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BRICS by Atrishekhar sir - Coggle Diagram

- - - - It is a financial mechanism to protect against global liquidity pressures.
      - CRA was established in 2015 to provide financial support to member countries that face balance of payments difficulties due to short-term liquidity pressures.
      - The legal basis for the Establishment was signed at Fortaleza, Brazil, in 2014.
      - The CRA's total lending capacity is $100 billion.
      - BRICS Payment System:
        
        The BRICS nations are working towards establishing a payment system that can serve as a substitute for the SWIFT payment system.
        
        It is considered an alternative to the dollar-dominated payment system to reduce the dependence on the dollar-based system.